A well-run business, or perhaps a business in general, will consist of several different business functions. This includes marketing, production (operations), finance, human resources and management. Marketing is likely to be the first part of business activity encountered, through advertising on television or magazines, as well as the first and foremost important department found in a business. So what is marketing? What are its roles and how did the marketing department came to be the focal point of a well-run business?
Marketing, according to the Chartered Institute of Marketing, can be defined as a process that involves the identification, anticipation and satisfaction of the customer's needs, profitably'. While billions of dollars are spent each year on producing catchy, attractive, provocative advertisements, there is much more to marketing than advertising and publicity, nor is it just about selling products and services. Marketing encompasses a far wider range of activities, and in reality is performed not just by businesses, but by all of us. Marketing involves the process which identifies what customers want, then devises a strategy which will satisfy those wants. It's about getting the right product to the right customers at the right price at the right time. When effective marketing techniques are used, the business will acquire many benefits, another reason for the importance of marketing. Its core objectives of a business (its goals and missions) can be met and these objectives include:
Building brand recognition this can be done through advertising, which will get people to buy your product and eventually build a brand recognition as sales increase
Repeat purchases by getting customer satisfaction, the business can persuade existing or finding new customers to purchase more on a regular basis, which will increase profitability
Gaining market leadership
Increasing market share by gaining a larger share of a particular market,...
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